Kuwait Projects Company (Kipco) has rejected a $3.2 billion takeover offer from a US private equity firm for its pay-television subsidiary OSN, the parent company said in a bourse filing on Sunday.

Kipco owns 60.5 percent of OSN while Saudi Arabia-based Mawarid Group holds the remainder. They jointly refused an offer from the US firm, which was not identified in the statement.

The offer comprised $2.4 billion in cash and a further $800 million subject to certain conditions, according to Kipco. It said the offer was for between 51 and 100 percent of OSN; it did not elaborate.